There has been a lot of talk lately about converging U.S. and international generally accepted accounting principles.For example, Accounting Today (Oct. 11-24, 2004, page 3) reported that Sen. Richard Shelby R-Ala., held a hearing on the topic in the fall. Among those testifying was Sir David Tweedie, the International Accounting Standards Board chairman, who was paraphrased by the writer as saying: "Convergence of the standards developed by his group and FASB's ... would be a development of 'immense significance' for improving financial reporting throughout the world."

In addition, Bob Herz, chair of the Financial Accounting Standards Board, was quoted in an October press release as saying, "FASB is committed to working toward the goal of producing high-quality reporting standards worldwide to support healthy global capital markets. ... Our agreement provides a clear path forward for working together to achieve our common goal."

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